LPL Holds On to $14B Sheridan Road

May 31, 2018

Sheridan Road Financial is leaving Independent Financial Partners to start its own RIA, but is sticking with LPL Financial as its broker-dealer, InvestmentNews writes.

Sheridan Road Financial currently oversees around $14 billion, according to the publication. Its RIA, Sheridan Road Advisors, will likely be "effective" within the next month, Daniel Bryant, Sheridan Road’s CEO, tells InvestmentNews.

In April, reports surfaced that IFP, whose more than 500 financial advisors manage around $40.5 billion in overall assets under advisement, was planning to break off from LPL to set up its own broker-dealer.

The Northbrook, Ill.-based Sheridan Road, with its roughly 30 producing advisors overseeing around $14 billion, was one of the biggest practices on IFP’s platform, according to InvestmentNews. But while some had wondered what Sheridan Road would do after IFP left LPL, Bryant tells the publication that the decision to start its own RIA occurred independently from IFP’s decision to start its own broker-dealer.

"It’s a logical next step for us," he tells InvestmentNews. "This has always been our intention, regardless of what IFP is doing."

And Bill Hamm, president and CEO of IFP, tells the publication he’s known of Sheridan Road’s plan to form its own RIA ever since the firm joined IFP’s advisor network in 2010.

Sheridan Road had been with LPL since the company acquired National Retirement Partners in 2010, according to the publication. Sheridan Road staying on is good news for LPL, which has experienced some executive turnover and large departures over the past two years, InvestmentNews writes.

"We’re happy Daniel and Jim have decided to remain with the LPL family," an LPL spokesman tells the pubication, referring to Bryant and managing partner Jim O’Shaughnessy.